Brinker International, Inc. (EAT) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its stake in shares of Brinker International, Inc. (NYSE:EAT) by 6.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,090,772 shares of the restaurant operator’s stock after selling 70,173 shares during the quarter. Bank of New York Mellon Corp owned about 2.23% of Brinker International worth $41,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Brinker International by 15.4% in the first quarter. Vanguard Group Inc. now owns 5,544,617 shares of the restaurant operator’s stock valued at $243,741,000 after purchasing an additional 738,302 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Brinker International by 10,393.8% in the first quarter. BlackRock Inc. now owns 3,975,272 shares of the restaurant operator’s stock valued at $174,753,000 after purchasing an additional 3,937,390 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Brinker International by 33.8% in the first quarter. Alliancebernstein L.P. now owns 2,236,357 shares of the restaurant operator’s stock valued at $98,310,000 after purchasing an additional 565,294 shares in the last quarter. Cooke & Bieler LP grew its holdings in shares of Brinker International by 8.7% in the first quarter. Cooke & Bieler LP now owns 1,458,153 shares of the restaurant operator’s stock valued at $64,100,000 after purchasing an additional 116,533 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Brinker International by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,188,323 shares of the restaurant operator’s stock valued at $52,239,000 after purchasing an additional 14,401 shares in the last quarter.
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EAT has been the subject of a number of recent research reports. ValuEngine raised shares of Brinker International from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Telsey Advisory Group cut their target price on shares of Brinker International from $49.00 to $40.00 and set a “market perform” rating for the company in a report on Monday, July 17th. Zacks Investment Research lowered shares of Brinker International from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $40.00 target price (down from $49.00) on shares of Brinker International in a report on Wednesday, August 9th. Finally, BidaskClub lowered shares of Brinker International from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $45.67.
Brinker International, Inc. (NYSE EAT) opened at 30.49 on Thursday. The firm’s 50-day moving average is $34.11 and its 200 day moving average is $39.51. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 10.37 and a beta of 0.26. Brinker International, Inc. has a 1-year low of $30.13 and a 1-year high of $55.84.
Brinker International (NYSE:EAT) last issued its earnings results on Thursday, August 10th. The restaurant operator reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.05. The company had revenue of $810.66 million during the quarter, compared to analysts’ expectations of $809.94 million. Brinker International had a negative return on equity of 31.46% and a net margin of 4.79%. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.24 EPS. Equities analysts anticipate that Brinker International, Inc. will post $3.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Friday, September 8th will be issued a $0.38 dividend. This is a boost from Brinker International’s previous quarterly dividend of $0.34. This represents a $1.52 annualized dividend and a yield of 4.99%. The ex-dividend date of this dividend is Thursday, September 7th. Brinker International’s dividend payout ratio is presently 45.48%.
Brinker International declared that its board has authorized a share repurchase program on Thursday, August 10th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the restaurant operator to purchase up to 14.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
About Brinker International
Brinker International, Inc is engaged in the ownership, operation, development, and franchising of the Chili’s Grill & Bar (Chili’s) and Maggiano’s Little Italy (Maggiano’s) restaurant brands. The Company’s Chili’s operates Bar & Grill category of casual dining. Chili’s menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa.
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